Helping Asian Wealth Management Communities interact

Compliance in Asian Wealth Management Forum 2020

Andaz Hotel,Singapore

We were delighted to host our 8th Compliance in Asian Wealth Management Forum in Singapore. More than 450 CEOs, COOs, Heads of Compliance, Compliance Officers, Heads of Legal, Risk Management, product gatekeepers and RM’s at Private Banks, Trusts and Fiduciary firms, Asset Management firms, Insurance Companies, Independent Asset Managers (IAM), External Asset Managers (EAM) and Multi-Family Offices (MFO).

Thank you to all of our event partners: IMTFSimon-Kucher & Partners, Swissquote, Centenal and LexiFi.

Below for your interest and reference are links to various content we captured from the day. Please click on the orange headlines – and do send any comments or feedback to events@hubbis.com.

 

Content Highlights

Video Highlights
Video Highlights Summary PDF
Exclusive Insights
Testimonials
I Love Compliance & Regulation
Photos
Event summary
Panel discussions
Presentations & Workshops
Videos
Post Event Supplement
 

Post-Event Report

You might also like to view the full Post Event Report – which is a consolidated summary, including photos of speakers & delegates, the attendee profiles & some delegate feedback, polling results, and more.

 

Event Summary

Compliance in Asian Wealth Management Forum Summary
We were delighted to host our 8th Compliance in Asian Wealth Management Forum in Singapore. More than 300 CEOs, COOs, Independent Asset managers and other senior practitioners attended – from a mix of local and international Private Banks, Retail Banks, Insurance Companies, Independent Firms & Family Offices, Asset Management Companies, and IFAs.

 

Video Highlights - Videos 

Full Video Highlights - What are the opportunities and challenges for the year ahead?
Video Highlights Summary PDF
I Love Compliance & Regulation
Testimonials

We asked leading industry experts - what are the opportunities and challenges for the year ahead? Click the links below to view the individual highlight video, or the speaker's name to view their bio.

Andrew ChowCompliance
Watch the video HERE

Damian HitchenCEO Singapore, Swissquote
Watch the video HERE

Vincent KooHead of Compliance, EFG Bank
Watch the video HERE

Philipp PiazPartner, Finaport
Watch the video HERE

John ShoemakerRegistered Foreign Lawyer, Butler Snow
Watch the video HERE

Christina McNamaraAssociate Director, Operational Risk & Regulatory Compliance, IHS Markit
Watch the video HERE

Tan Woon HumPartner, Head of Trust, Asset & Wealth Management Practice, Shook Lin & Bok
Watch the video HERE

Anu PhanseOperational Risk and Business Compliance, Swissquote
Watch the video HERE

Andreas Wenger, General Manager, Asia Pacific, IMTF
Watch the video HERE

Rene Hess, Co-Founder, LexiFi
Watch the video HERE

 

Exclusive Insights

We asked leading industry experts for their exclusive and incisive insights. Click on the questions below the speaker's name to view their insights, or click their names to view their bio:

Exclusive Insights PDF

Andrew ChowCompliance
Cybercrime – what new threats are there for you?
What are the challenges relating to electronic platforms like or digital banks?

Damian HitchenCEO Singapore, Swissquote
What are the challenges Compliance face during client on-boarding with the Banks?
You recently arrived and set up your CMS licensed entity – how did that go?

Vincent KooHead of Compliance, EFG Bank
What’s important to the business owner - how do they think about compliance and regulation?
A big shift in MAS’ stance towards accountability and conduct. What does this mean to you?

Philipp PiazPartner, Finaport
How does digital help?

John ShoemakerRegistered Foreign Lawyer, Butler Snow
Navigating International Compliance Waters for Financial Institutions and Families in 2020

Christina McNamaraAssociate Director, Operational Risk & Regulatory Compliance, IHS Markit
CRS Pre-Audit Preparation: what are the top 5 things that all Singapore Financial Institutions need to do before their first formal IRAS CRS audit assessment?
Tax Havens vs International Financial Centre. Cayman vs Singapore – what are the new developments you must consider?

Tan Woon HumPartner, Head of Trust, Asset & Wealth Management Practice, Shook Lin & Bok
Tax Havens vs International Financial Centre. Cayman vs Singapore – what are the new developments you must consider?

Anu PhanseOperational Risk and Business Compliance, Swissquote
Banks have the challenge of dealing with the non-uniformity – what can you do?

Andreas Wenger, General Manager, Asia Pacific, IMTF
Combatting Financial Crime including Anti Money Laundering, Countering Terrorist Financing, Anti Bribery measures - Where should compliance teams focus their efforts?

Rene Hess, Co-Founder, LexiFi
What does LexiFi do? Who are your clients? And how do you help them?
 

Event Content - Panel discussions

We held 4 interactive panel discussions throughout the day – which involved senior industry practitioners who we invited to participate and share their thoughts. We have also incorporated into the summaries below the briefing notes which speakers sent to us in advance of the event. Plus, we have included the results of audience polling as well as questions we received from delegates. Click on each headline to view the PDFs.

Conduct, Governance & Accountability: The Hot Compliance Topics for 2020
The Hubbis Compliance in Asian Wealth Management Forum 2020 in Singapore launched with a highly topical panel discussion focusing on the key compliance challenges for the year ahead. The experts on the panel highlighted the intensifying drive from regulators for higher standards of conduct, greater individual and corporate accountability, enhanced monitoring, and how the banks and other wealth management firms can react with more training, more defined standards and digitisation.

Panel Members

Vincent KooHead of Compliance, EFG Bank
Evelyn KohHead, Network Compliance, Wealth Management, Standard Chartered Bank
Damian HitchenCEO Singapore, Swissquote
Chye Kit ChionhCo-Founder & CEO, Cynopsis Solutions
Mona ZoetFounder, RegPac
Philipp PiazPartner, Finaport

Regulatory Spotlight Shines on Suitability & Transparency in Wealth Management
In the aftermath of some high-profile fines for some of the highest-profile bank names, there is intensifying concern amongst regulators and the industry at large about how private banks and wealth management advisories charge their clients and what remuneration structures they adopt. A panel of experts offered their insights at the Hubbis Compliance in Asian Wealth Management Forum 2020 in Singapore.

Panel Members

Adriel LohManaging Director, Global Head of Compliance, Bank of Singapore
Alison FidlerHead, Conduct, Financial Crime and Compliance, Wealth Markets Products and Sales, Standard Chartered Bank
Natalie CurtisPartner, Herbert Smith Freehills
Sin Yee KohDirector, Compliance & Regulatory Consulting, Duff & Phelps

The Rising Tide of Complexity and Accountability in the World of Wealth Management
There is ever more pressure on financial intermediaries, advisers and of course on their clients in relation to tax compliance. It is no longer just the duty of the taxpayer, as CRS anti-avoidance, Mandatory Disclosure Rules, as well as the new Economic Substance rules have shifted the burden of compliance on many more parties. A panel of experts at the Hubbis Compliance in Asian Wealth Management Forum 2020 deliberated the meaning of life in today’s brave new world.

Panel Members

Christina McNamaraAssociate Director, Operational Risk & Regulatory Compliance, IHS Markit
John ShoemakerRegistered Foreign Lawyer, Butler Snow
Zac LucasFounder, Head of Legal, Centenal
Tan Woon HumPartner, Head of Trust, Asset & Wealth Management Practice, Shook Lin & Bok
Laurence LancasterBarrister-at-law, Group Head of Tax, Sovereign Group
Shaun Zheng, Tax Associate Director, Nexia TS

How Digital is Both Helping and Hindering Compliance, Cyber-Hygiene and Data Protection
Technology is making compliance more complex and more challenging at the same time as providing digital tools to help resolve both age-old and newer compliance challenges. Private banks and wealth management firms must rise to the challenges of digital KYC/onboarding, AML monitoring, the expansion of digital platforms, the migration of data infrastructure to the Cloud, Artificial Intelligence, data security, and cyber-crime. Experts in a panel at the Hubbis Compliance in Asian Wealth Management Forum tackled these key pressing concerns.

Panel Members

Kyra MattarPartner, PwC
Anu PhanseOperational Risk and Business Compliance, Swissquote
Andrew ChowCompliance, BNP Paribas
Daniel P. LevisonPartner, Morrison & Foerster
Uthra ParameswaranDirector - Compliance & Operations, Propine
 

Event Content - Presentations & Workshops

Below are summaries of the Presentations and Wealth TALKS delivered at the event. These were 10-minute slots hosted either by senior industry practitioners who we invited to speak (Wealth TALKS), or by some of our event partners (Presentations). Also listed with each summary are links to the presentation slides (where these are made available by speakers). Click on each headline to view the web versions of these – from which you can also access the PDFs.

Monetary Authority of Singapore Highlights the Vital Links between Technology and Governance

Delegates at the Hubbis Compliance in Asian Wealth Management Forum were treated to a fascinating Keynote Address by Vincent Loy, Assistant Managing Director (Technology) at the Monetary Authority of Singapore. His role is a new one carved out by an ever-prescient central bank and covering all key areas relating to data, technology, technology regulation, cyber, and digitisation. He offered the assembled wealth management experts a timely piece of advice that as technology becomes ever more central to the key decisions of any financial institution, they must be especially vigilant in controlling digital and data risks with a robust corporate culture, skilled and ethical personnel, and good governance.

 

Ethics, Values & the Compliance Paradigm: A Perspective from Andrew Chow
Andrew Chow is a legal, compliance and tech practitioner who is currently with BNP Paribas. He offered delegates a personal, detailed and insightful talk at the Hubbis Compliance in Asian Wealth Management Forum 2020, armed also with an immensely detailed slide presentation. His talk covered how conduct initiatives have altered the compliance paradigm, why regulators see conduct as imperative, including the latest ethical requirements set out in the MAS’ FEAT Principles, and how conduct programs should be approached and developed. Above all, he implored the wealth management attendees to act with the correct ethical values throughout their days in the industry.

 

Navigating International Compliance Waters for Financial Institutions and Families
John Shoemaker, a Registered Foreign Lawyer for US law firm Butler Snow in Singapore, offered delegates at the Hubbis Compliance in Asian Wealth Management Forum 2020 a detailed guide to many of the key facets of regulation and more importantly the compliance issues and practices for financial intermediaries and their wealthy Asian or other clients.

 

Solutions for Price Transparency & Fee Disclosure Challenges in Wealth Management
Dr Silvio Struebi, the Singapore-based Partner at the international value and pricing consultancy Simon-Kucher & Partners, believes that wealth management firms can markedly up their game when it comes to pricing their products and services to reflect the value they offer. He gave his invaluable insights to delegates at the Hubbis Compliance in Asian Wealth Management Forum in Singapore in mid-January, advising them that if they do not adjust their pricing, they will not future-proof their business models and will also run rising risks of the regulators’ reprimands or penalties.

 

IMTF Explains How Cognitive Automation Can Help Assess and Mitigate Third-Party Risk
Mark Buesser, Chief Executive Officer of RegTech IMTF, has a wealth of experience in the world of wealth management and digitisation. He addressed delegates at the Hubbis Compliance in Asian Wealth Management Forum to explain the need for intermediaries and advisers to understand relevant risks and then tailor risk assessment, leveraging enhanced technology with quality data sources. He told them how AI and Contextual Analysis provide the platform on which IMTF’s ‘I-match’ and ‘Find-it’ are based.

 

Technology Solutions to Address Compliance in Advisory and Execution
Colin Anthony, Managing Partner of 42 Consulting, represented LexiFi, a provider of software solutions for the management of cross-asset products, at the Hubbis Compliance in Asian Wealth Management Forum 2020. He gave the audience valuable insights into solutions around pre-trade disclosure, explaining that the process must evolve from a static approach to a dynamic approach, with wealth management firms assessing risk at the portfolio level to be fully effective. An effective post-trade information flow on products and portfolios is also essential. Importantly, investment in the right technology to address these matters can yield returns, in terms of enhanced transparency and engagement between the wealth management firm and their clients.

 

Centenal’s Zac Lucas Urges Singapore’s Wealth Management Community to be CRS Audit Ready
Zac Lucas, Founder and Head of Legal at Centenal, which is based in Singapore, gave an in-depth presentation to focus delegates minds on some worrisome, but extremely topical matters including CRS anti-avoidance, private client financial crimes and self-incrimination. He took the audience through the necessary review process and procedures for financial institutions, and the requisite process and risk management requirements. Be vigilant and be ready, Lucas implored, because a brave new world of regulation, compliance and supervision is here, and is now.

 

PwC’s Kyra Mattar on The Evolving Risks for Wealth Management Firms in the Digital Age
In her role as Partner at PwC in Singapore, Kyra Mattar has a bird’s eye view of the role of digital and the inherent risks facing financial intermediaries and advisers of all types. She offered delegates at the Hubbis Compliance in Asia Forum 2020 her views on making sure that risks are avoided while opportunities are grasped, she explained why cyber hygiene is so important, and outlined strategies for technology and cyber risk management for increasingly digitally-enabled organisations. And she urged delegates to accelerate their data and systems etiquette, especially in Singapore in anticipation of the regulator’s cyber hygiene directives.

 

Are Financial Institutions in Asia Ready for the Culture and Conduct Revolution?
Natalie Curtis, Partner in Singapore at law firm Herbert Smith Freehills, gave an insightful, detailed and thought-provoking presentation on why regulators are increasingly focused on senior management and individual accountability. She highlighted the latest developments in senior management/individual accountability and conduct regimes globally and advised delegates attending the Hubbis Compliance in Asian Wealth Management Forum in Singapore to start preparing for the Monetary Authority of Singapore’s forthcoming Individual Accountability and Conduct Regime.